I am nearing the end of clearing about 3 acres of stuff just like Kerrminator photographed. After starting with smaller tools and just a bush hog I can say without any question that the combination of tractor, bush hog, grapple and chainsaw is exactly the tool set that works most efficiently. I did mine with a CK20 which is only a 21hp tractor but with a strong loader. The bush hog is obvious to everyone as being critical so I would emphasis getting a grapple (or at least a grapple attachment for a bucket) before starting this project. Moving slash and brush and logs to a burn pile can be quite a pain if you don't have a grapple. Also, with the grapple you can literally rip a lot of smallish trees (too big for bush hog) right out of the ground so you never get off the tractor and never need to deal with the stump. Depending on the size of your tractor and the type of tree, you can handle some fairly large trees without the chainsaw/stump removal hassle.
Good luck with your project.